Bill would expand employer retirement plans for military spouses

The Associated Press - April 24, 2021 12:41 pm

CONCORD, N.H. (AP) — U.S. Sens. Maggie Hassan of New Hampshire and Susan Collins of Maine are part of a group that has introduced a bill that would help spouses of active duty military service members save for retirement by expanding access to employer-sponsored retirement plans.

Hassan, a Democrat, said given how frequently many military families move in service to our country, saving for retirement can often be a difficult task. Under the bill, businesses with 100 employees or fewer would be eligible for a tax credit of up to $500 per year per military spouse. To receive the credit, small employers must make military spouses immediately eligible for retirement plan participation within two months.


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